Change.org petition against Angel Tax weeks before Budget

BENGALURU: Sreejit Moolayil, cofounder of food brand TrueElements, has petitioned finance minister Arun Jaitley, through the Change.org platform, to bring his attention to angel tax weeks before the annual Budget next month.

Moolayil, earlier this month, had tweeted on how the income tax department had wanted his company to pay Rs 40 lakh as tax on their angel round of Rs 1crore, which the company had raised in 2015.

The petition had got 500 signatures till Thursday evening. Angel tax or basically, tax on investments in the early stages of a startup has been viewed by many as a reason for startup exodus to more ‘friendly’ countries.